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LS Electric Co. Ltd, a South Korean automation solutions firm, has acquired Nokia's asset lifecycle optimization (ALO) software, and this was announced on Wednesday, June 8. The company made the purchase to fulfill its goal of launching its own asset management software (AMS) business.
According to The Korea Economic Daily, LS Electric, the power solutions unit of LS Group, inked a merger and acquisition (M&A) agreement with Nokia at the Hanover Fairground exhibition center in Germany. The signing was held on Tuesday, as per the report.
As specified in the deal, LS Electric will take over Nokia's power facility asset analysis platform that uses big data analytics and machine learning technology to enhance a facility's efficiency by determining the right time to replace parts and figuring out when repairs are needed.
LS Electric's acquisition will also allow the company to kickstart its asset management software (AMS) business that manages power facilities for its entire life cycle. The firm predicted that the AMS global business will reach KRW7 trillion or $5.6 billion by the year 2027.
"With the acquisition of Nokia's ALO, we can be systematic in our management by linking big data on production, logistics, and maintenance to a standardized platform," Kim Young Keun, LS Electric's chief technology officer, said in a statement regarding the deal.
Aju Business Daily further reported that LS Electric will begin developing customized solutions to extend the life cycle of most power facilities, lower maintenance costs, and improve investment efficiency. Moreover, once LS Electric starts its AMS business, it will provide companies with a streamlined process for keeping tabs on assets using effective data management and more to improve business performance.
Meanwhile, the financial terms of the deal were not publicly disclosed, but it is expected to be completed this year. LS Electric and Nokia have been collaborating for years, and in fact, in 2020, they agreed to work together on the creation of an intelligent and analytics-based platform so customers can proactively manage asset performance.
